E-reader developer Plastic Logic has accepted investment from a state-backed Russian investor to build a new factory in the country.
Plastic Logic, which is a spin-out from Cambridge University, has announced an agreement to build a production factory for a ‘next-generation’ electronic reader with the Russian Corporation of Nanotechnologies (Rusnano).
Rusnano, which wants to create a plastic electronics industry in Russia, will take a ‘significant’ stake in the company, a joint statement says.
The amount invested has not been disclosed.
Plastic Logic will continue to base research and development in Cambridge, England, as well as maintain a commercial factory in Dresden, Germany and corporate headquarters in Mountain View, California, USA.
Plastic Logic chief executive Richard Archuleta says: ‘Rusnano’s investment will enable us to dramatically expand operations in support of volume production of our next-generation products, and to continue to advance our technology platform to deliver on our broader long-term vision.’
Rusnano managing director Georgy Kolpachev adds: ‘The production facility for the next generation of plastic displays will become the first step to establish the new branch of a electronics industry in Russia.’
Plastic Logic is developing the e-reader using its lightweight matrix display. The display is not available on the commercial market.